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Office of Management and Enterprise Services (OMES) - General Revenue Fund Growth Hits Double Digits Again
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2012-02%20General_Revenue_Fund_Growth_Hits_Double_Digits_Again.html[9/21/2012 10:01:07 AM]
Office of Management and
Enterprise Services (OMES)
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Home / News / General Revenue Fund Growth Hits Double Digits Again
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
March 13, 2012
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Fund Growth Hits Double Digits Again;
Report Shows Consumer Confidence Remains Strong
OKLAHOMA CITY – Oklahoma consumers continue to show their confidence that Oklahoma's economic recovery will be long
lasting, Office of State Finance Director Preston Doerflinger said Tuesday as he released a report again showing double-digit
growth in the General Revenue Fund.
"We had almost a 15 percent jump in total General Revenue Fund collections in February, compared with the same month a
year ago, and consumer spending was one of the biggest factors for the increase," Doerflinger said.
"It's evident that Oklahomans feel good about the future and believe the policies of the administration of Gov. Mary Fallin are
making a difference," added Doerflinger, secretary of finance.
"I believe this is reflected by the surge in sales tax collections this year. Our citizens have more money to spend and evidently
think this is a good time to make big ticket purchases," he said. "This is borne out by a sharp increase in motor vehicle sales."
Doerflinger pointed out that last month's report showed more state sales tax collections were recorded in January than in any
month in state history -- $165 million.
"We followed that up in February with another strong showing in the sales tax category. That revenue source produced $145
million for the General Revenue Fund, beating the amount collected for the same month a year ago by more than 14 percent.
"Meanwhile, general revenue from the sale of cars, trucks and other motor vehicles soared by 134 percent. February is not
normally such a strong month for motor vehicle collections. Consumers likely took advantage of unseasonably warm weather to
express their confidence in the Oklahoma economy through vehicle upgrades."
Governor Fallin said the OSF report is "great news for Oklahoma and shows our pro-growth policies are helping the state
recover from the national economic recession. Oklahoma is proving that low taxes, fiscal responsibility and limited government
are the recipe for a strong economy.
We can ensure our recovery continues by using the increased revenue to pay for tax cuts which will allow families and small
business owners to keep more of their hard-earned money while making Oklahoma more competitive economically."
Total collections to the General Revenue Fund through the first eight months of FY-2012 were $3,506.5 million. This amount
was $404.5 million and 13 percent above collections for the first eight months of FY-2011 and $347.1 million, or 11 percent
above the total estimate for the same period of FY-2012.
In February, total collections for the General Revenue Fund were $283.4 million, an increase of $36.4 million and 14.7 percent
from a year ago. The amount collected in February was $43.1 million and 17.9 percent more than projected.
It was the 22nd consecutive month that GRF collections have exceeded the same month for the prior year, and the 10th
straight month receipts were higher than projected.
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Office of Management and Enterprise Services (OMES) - General Revenue Fund Growth Hits Double Digits Again
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2012-02%20General_Revenue_Fund_Growth_Hits_Double_Digits_Again.html[9/21/2012 10:01:07 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / General Revenue Fund Growth Hits Double Digits Again
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
March 13, 2012
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Fund Growth Hits Double Digits Again;
Report Shows Consumer Confidence Remains Strong
OKLAHOMA CITY – Oklahoma consumers continue to show their confidence that Oklahoma's economic recovery will be long
lasting, Office of State Finance Director Preston Doerflinger said Tuesday as he released a report again showing double-digit
growth in the General Revenue Fund.
"We had almost a 15 percent jump in total General Revenue Fund collections in February, compared with the same month a
year ago, and consumer spending was one of the biggest factors for the increase," Doerflinger said.
"It's evident that Oklahomans feel good about the future and believe the policies of the administration of Gov. Mary Fallin are
making a difference," added Doerflinger, secretary of finance.
"I believe this is reflected by the surge in sales tax collections this year. Our citizens have more money to spend and evidently
think this is a good time to make big ticket purchases," he said. "This is borne out by a sharp increase in motor vehicle sales."
Doerflinger pointed out that last month's report showed more state sales tax collections were recorded in January than in any
month in state history -- $165 million.
"We followed that up in February with another strong showing in the sales tax category. That revenue source produced $145
million for the General Revenue Fund, beating the amount collected for the same month a year ago by more than 14 percent.
"Meanwhile, general revenue from the sale of cars, trucks and other motor vehicles soared by 134 percent. February is not
normally such a strong month for motor vehicle collections. Consumers likely took advantage of unseasonably warm weather to
express their confidence in the Oklahoma economy through vehicle upgrades."
Governor Fallin said the OSF report is "great news for Oklahoma and shows our pro-growth policies are helping the state
recover from the national economic recession. Oklahoma is proving that low taxes, fiscal responsibility and limited government
are the recipe for a strong economy.
We can ensure our recovery continues by using the increased revenue to pay for tax cuts which will allow families and small
business owners to keep more of their hard-earned money while making Oklahoma more competitive economically."
Total collections to the General Revenue Fund through the first eight months of FY-2012 were $3,506.5 million. This amount
was $404.5 million and 13 percent above collections for the first eight months of FY-2011 and $347.1 million, or 11 percent
above the total estimate for the same period of FY-2012.
In February, total collections for the General Revenue Fund were $283.4 million, an increase of $36.4 million and 14.7 percent
from a year ago. The amount collected in February was $43.1 million and 17.9 percent more than projected.
It was the 22nd consecutive month that GRF collections have exceeded the same month for the prior year, and the 10th
straight month receipts were higher than projected.
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms